Synergy Cosmetics (Exim) Ltd. (SYNERGYCOSMETIC) - Director Report

Company director report

Your Directors here by present the 20th Annual Report on business and operations of theCompany together with the Audited statements of Accounts for the financial year ended on31st March 2014.

FINANCIAL PERFORMANCE:

Key aspects of Company financial performance for the year 2013-14 is tabulatedbelow:

[Amount in Rupees]

Particular

2013-14

2012-13

Sales

105000

212800

Purchase

734665

3699886

Total Income

(629665)

(3912686)

Total Expenditure

(629665)

(3912686)

Profit/(Loss) Before Extraordinary items and Taxation

(629665)

(3912686)

Extraordinary items

Nil

Nil

Profit/(Loss) before Tax (PBT)

(629665)

(3912686)

Less: current Tax

Nil

Nil

Net Profit/(Loss) after Tax for the year

(629665)

(3912686)

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and financial crisiscompany faces huge set back. So company unable to generate targeted revenue from theoperation but due to some fixed cost company posted Net Loss of Rs. 629665.

The management has taken measures as part of its continuous improvements to strengthenoperations and viability.

DIVIDEND:

Your Directors have not declared any dividend during the year under review due to lossincurred.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions ofSection 58A of the Companies Act 1956.

DIRECTORS:

Mr. Ramanlal TrivedI Director of the Company is retires by rotation at the ensuingAnnual General Meeting and being eligible offer himself for reappointment. Mr. NimishShah was appointed as an Additional Director of the Company on 31.12.2013 be and herebyappointed as director of the Company and whose office liable to retire by rotation. Mr.SHIRISH VYAS and Mr. NIRAV VINUBHAI PANCHAL were appointed on 31.12.2013 and 13.01.2014 asan Additional Director of the Company and appointed as an Independent Director of theCompany for a period of five years from the conclusion 20th AGM to the conclusion of 25thAGM. Mr. Viral Kapadia was appointed as Additional Director as on 20.06.2013 and resignedfrom the board as on 01.08.2013.

Mr. AMITKUMAR RANA Mr. KRUNAL RANA were resigned as a Director of the Company witheffect from 13.12.2013 and 13.01.2014.

The observations made by the Auditors in their Auditors Report and theNotes on Accounts referred to in the Auditors Report are self-explanatory and do notcall for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholdersand it includes discussion on matters as required under the provisions of Clause 49 of thelisting agreement forming part of this report is annexed herewith. The Audit Committee ofthe Company has regularly reviewed internal Control System of the company.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of the CompaniesAct 1956 read with the companies (Particulars of Employees) Rules 1975 as amended isnot required to be given as there were no employees coming within the purview of thissection.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreementon Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the StockExchanges Report on Corporate Governance along with the Auditors Certificate on itscompliance is annexed separately to this Annual Report.

The details of conservation of energy technology absorption etc. as required to begiven under Section 217(1)(e) of the Companies Act 1956 are not applicable to ourCompany as our Company in not engage in manufacturing activities.

The foreign exchange earning on account of the operation of the Company during the yearwas Rs. Nil.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act 1956 theDirectors of your Company confirm that:

i) in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

ii) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit or loss of the Company for that period;

iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the company and for preventing and detecting fraud andother irregularities;

iv) Directors have prepared the accounts on a going concern basis.

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance andco-operation received from the Banks Government Authorities Customers and Shareholdersduring the year. Your directors also wish to take on record their deep sense ofappreciation for the committed services of the employees at all levels which has made ourCompany successful in the business.